The decision is a bold move in an industry where all the participants tend to act in tandem. But it’s also a vote of confidence in Continental’s employees and executive team. It shows the board recognizes that their sacrifices — including bankruptcies and concessions — is worth more than the latest industry fad.

After all, what would it say to those who’ve given so much to transform Continental over the years if the board decided to saddle the airline with United’s losses — $542 million just in the last quarter alone — it’s persistent operating problems and its long-standing labor strife?

Continental now stands poised to capitalize on the chaos that will follow the Delta deal and others that are yet to be announced. After all, US Airways is struggling — again — and United’s management has been waiting by the phone, boxes packed, for years now.

So Continental has an opportunity to press the advantages it’s spent so many years building. The industry doesn’t need bigger airlines. It needs better run, more efficient, more innovative airlines.